Costco beats earnings estimates

By Wayne Marks -- Home Textiles Today, 12/12/2012 11:26:17 AM

Issaquah, Wash. - Costco's new income jumped 30% during the warehouse club's first quarter, which ended Nov. 25.
Net income for the quarter was $416 million, or $.95 per diluted share, compared to $320 million, or $.73 per diluted share in the previous fiscal year, which was negatively impacted by an income tax settlement regarding the company's operations in Mexico. The prior year's earnings also included a $17 million charge (or $.04 per diluted share) related to contributions to an initiative reforming alcoholic beverage laws in Washington State.

Sales increased 10% to $23.20 billion. Comp sales were up 7% for the U.S., and 9% for international.

The company has expanded with eight new clubs in the U.S. and one in Alberta, Canada.